建信期货棉花日报-20251118

Report Summary 1. Reported Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The Zhengzhou cotton futures market is experiencing a weak and fluctuating adjustment. The spot cotton price index has declined, and the downstream market shows mixed performance with the cotton yarn market holding steady and the cotton fabric market having limited pre - Chinese New Year stocking prospects. The November USDA report is bearish for the cotton market, and the short - term Zhengzhou cotton may continue to correct while being supported by cost factors [7][8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Domestic Market: Zhengzhou cotton is in a weak and fluctuating adjustment. The latest 328 - grade cotton price index is 14,801 yuan/ton, down 5 yuan/ton from the previous trading day. The domestic cotton yarn market is stable, and the cotton fabric market has limited pre - Chinese New Year stocking. The Xinjiang seed cotton purchase is almost over, and the market's expectation of Xinjiang cotton production in the 2025/26 season is increasing. The downstream demand is still weak, with inventory slightly increasing [7][8] - International Market: The November USDA report increased the 2025/26 cotton production forecasts for the US, Brazil, and China, and slightly increased global cotton consumption. The report is bearish for the market [8] 3.2 Industry News - In October 2025, China's clothing, footwear, and textile product revenue was 147.1 billion yuan, a year - on - year increase of 6.3%. From January to October 2025, the cumulative revenue was 1.2053 trillion yuan, a year - on - year increase of 3.5%, with the growth rate increasing by 0.4 percentage points from the previous month. As of November 16, 2025, the total national cotton inspection volume was 3.0893 million tons, with Xinjiang accounting for 3.0622 million tons [9] 3.3 Data Overview - Multiple figures related to cotton price indices, spot prices, futures prices, basis changes, spreads, and inventory data are presented, but specific data values are not described in detail in the text [18][19][21]